Building Details

Year Built 1990

Buildings 4

Units 4

Tenancy Single

Listing Agency: Marcus & Millichap - Chicago Oak Brook

Listed By: Timothy Nichols · License #IL: 475.159619

Source: Crexi

Added: Aug 3 Changed: Aug 9 Last Checked: Aug 9 at 4:04PM

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Investment Insights

Based on property information with market context.

This four-asset portfolio comprises convenience-store and fuel properties leased on an absolute NNN basis. The offering is associated with GPM Investments, a national operator affiliated with a Fortune 500 company, and includes corporate tenancy with built-in rent escalations.

The properties are situated in Central Illinois markets described as supporting daily traffic and essential-service demand. The portfolio includes 18,057 of property size and a 1990 construction year. Its tenant and lease profile is structured around long-term corporate occupancy, while the convenience and fuel format serves recurring everyday needs. The offering also carries stated eligibility for 2026 bonus depreciation.

Key Highlights

• Four‑asset Central Illinois convenience‑store and fuel portfolio
• Absolute NNN lease structure with corporate tenancy
• GPM Investments‑affiliated national operator

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$204,038

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

3.55%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$4,080,760 $4.1M

Cap Rate 7%

$2,914,829 $2.9M

Cap Rate 9%

$2,267,089 $2.3M

Market Conditions

NOI Build-Up for 18,057 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$288.2K $15.96/SF

− Vacancy

−$16.1K −$0.89/SF

EGI

$272.1K $15.07/SF

− OpEx

−$68.0K −$3.77/SF

NOI

$204.0K $11.30/SF

Area

Champaign County, IL

Vacancy

5.60%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$4,080,760

Cap Rate 7%

$2,914,829

Cap Rate 9%

$2,267,089

Alternative Uses

Best Use

Specialty Retail

$2.91M

$2.55M – $3.40M (±1% cap)

NOI $204,038 @ 7.0% cap · market cap 3.55%

Second Best

Retail

$2.18M

$1.91M – $2.54M (±1% cap)

NOI $152,665 @ 7.0% cap · market cap 2.65%

Theoretical Best

Office A

$3.76M

$3.29M – $4.38M (±1% cap)

NOI $262,968 @ 7.0% cap · market cap 4.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Phillips 66 Gas Station Village Pantry Grocery & Convenience Store Western Union Bank Godfather's Pizza Restaurant

Suggested Use

Top Pick Storage Facility Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Building Supply Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

36

Businesses Nearby

9k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Phillips 66 Shops & Services

8,608 visits/mo 0.3 miles

Demographics for 61859, IL

1,119

Population

478

Households

2.3

Avg Household Size

42

Median Age

25%

College-Educated

97%

High-School Grad

30.3 sq mi

ZIP Area

37

Density / Sq Mi

$99,583

Median Household Income

$49,000

Median Earnings

$1,266

Median Rent

$174,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

NNN property - Four convenience-store and fuel properties with absolute NNN leases and corporate tenancy.

Where is this nnn property located?

The property is located at 401 N MARKET ST Ogden, IL.

What is the asking price?

The asking price for this property is $5,754,823.

What are key features of this property?

This property features: Four‑asset Central Illinois convenience‑store and fuel portfolio; Absolute NNN lease structure with corporate tenancy; GPM Investments‑affiliated national operator